Allow me to clarify: Chart Rules. When the 5 min bar crosses above the 40-bar MA = buy. When the 5 min bar crosses below the 40-bar MA = sell. Filters. (Are not necessary but are useful) (1.) Wait for the low of the 60 min bar to close above the 40-bar MA = buy. (2.) Wait for the high of the 60 min bar to close below the 40-bar MA = sell. per the above: "Filters are NOT necessary but are useful". Follow the 5min bar crossing the 40EMA. Thank you T-REX
I can see that you're not going to answer the question regarding bias and making "calls", so there's no point in pursuing it further. Everyone but you understands that a couple of points up in the first ten minutes does not constitute an "uptrending day" (and, yes, it may have been more than two points and, yes, it may have been more than ten minutes, but you have absolutely no criteria whatsoever, so the number of points and the length of time are immaterial). If anyone can make all this contradictory information work, good luck to you.
This looks like a great Journal T-Rex and hope it will continue well through 2004. A little concerned about some of your calls - like being "neutral" for yesterday. Markets are tough, aren't they? You mentioned that this would be a 12 week course. Is there more to come?
so how did 60min chart would clued me if price on 60 min chart on 1-2-04 has never traded below 40EMA? how do you use 60 min chart?
I had the same question. and HOW are you using mentioned indicators? divergence, crossover, some OTHER method? confirmation? NOTE: I am not bashing, just trying to piece it all together.. so it looks like you have 2 TYPES of buy/sell criteria which evver happens first: the 5 minute crossing over/under the 40 EMA and the similar style for the close of teh 60 minute?
Making market calls IS NOT part of the trading plan. The purpose of the directional bias is to give the trader a reading of market momentum so that he/she might be better prepared to handle the uncertainty of extreme intraday volatilty. Again, my method is "DISCRETIONAL" and not necessarily systematic. Remember, I'm trying to explain a trading style that is unique and is NOT known or widely used. It is my own discretionary style of trading based on my own personal proprietary indicators that can not be reproduced. What I have given you (the SCALP METHOD) is reproducible and has been displayed over and over again in this thread. The daily trading plan is just an "add-on" to the SCALP METHOD but IS NOT an essential part. There is no need to explain it (the trading plan) or get into how I determine what I determine with the trading plan. I post it here as a "courtesy" to those that wish to use it and find it helpful when used in congunction with the SCALP METHOD. I am not able to be here @ ET throughout the day everyday so that is why I developed the daily trading plan so that you would have me here without me actually being here. I have given you all the tools necessary to be able to implement the strategy without me having to hold your hand. The rules are simple and few. You have ONE of 2 options: use the 5 min bar or use the 60 min bar that is all there is to it. p.s. If you ask me I have given you alot for free with absolutely nothing in return. There has been no contribution on your part. I don't know what else you expect from me for free? I can't place the trades for you. You will have to do that yourself. Good luck. Thank you T-REX
I am enjoying this thread and appreciate your input. I have no intention of learning yourt proprietary info, or the calls. You mentioned the MACD and Stochastics. How are these incorporated into the above? Specific signals, etc?
I'm really not using them as you might think. Basically they look good on a price chart. I ALWAYS trade price NOT your normal standard indicators. I use my own proprietary stuff. The above mentioned just looks good on the chart and helps me to see price differently. thats all. Thank you T-REX
In other words, the plan is so vague that whoever uses it requires a "reading" from you in order to figure out what action to take. The word is "discretionary". And I can believe that your plan is not widely used. All I expect is that you make sense. I'm still waiting. As for placing the trades, I follow another system. But thank you for asking.